1852 $10 California Gold Eagle - Wass Molitor & Co., Large Head PCGS VF20 (CAC)
IN STOCK
SKU
44930470-1
Here is a true rarity from the days of the California Gold Rush. This piece would be the perfect addition to the collection of a specialist in California territorial gold. This example is the Large Head (Kagin-4). PCGS has graded 4 as VF20 with 106 finer. In CAC, there is 1 in VF20 with 13 finer. CAC prices this K-4 variety at $9,000.00 in VF20.
There are three varieties of the 1852 Wass Molitor & Co. $10 gold eagle. Ron Guth writes that one “of these three varieties is the so-called "Large Head" (K-4, listed by Don Kagin as Rarity 5). Kagin's description of this variety as "Short Neck, Pointed Bust, Wide, Uneven Date" is perhaps a more useful attribution tool, but the limited space on the PCGS insert precluded its use.”
Gold miners mining on the American River near Sacramento, c. 1852. Photo: Wikimedia Commons.
The business concern of Wass, Molitor & Co. struck private gold pieces in denominations of $5 and $10 on an emergency basis, starting right after New Year's Day of 1852. Their coins were produced to fill the void of small denomination gold coinage in California, for all of the other private mints had closed their doors before 1851. Additionally, the United States Assay Office of Gold did not have the authority to mint any coins besides the oversized $50 octagonal slugs.
Those slugs were excellent for larger transactions, but worthless in making change for smaller purchases. After much back and forth discussions, Moffat & Co., who were under a government contract as the U.S. Assay Office, were finally given permission to strike lower denomination gold coins in 1852. Thus the two businesses produced enough gold coinage meet the needs of the region, resulting in no Wass, Molitor & Co. issues being produced in 1853 or 1854.
The Wass, Molitor & Co. played a pivotal role during the California Gold Rush, primarily through their operations as private assayers and coin manufacturers. Here's an overview of their significance:
Private Mintage and Assaying
During the early years of the Gold Rush, before the U.S. Mint established operations in California, miners and merchants faced challenges in determining the value of gold nuggets and dust. Wass, Molitor & Co. filled this gap by providing assaying services, which involved testing the purity of gold. They then turned this gold into coins. These coins, known for their reliability, were widely accepted in commerce.
Speed and Trust
One of the key advantages Wass, Molitor offered was the speed of their service. They were known to pay gold depositors within 48 hours, significantly faster than the 8 days required by the U.S. Assay Office at the time. This efficiency, combined with their reputation for accuracy in gold valuation, made them highly trusted in the marketplace.
Coin Design and Recognition
The coins produced by Wass, Molitor were distinct, featuring designs like the Liberty Head and an eagle on the reverse, which were similar to but distinct from U.S. coinage. Their coins' design and the firm's name on the currency helped establish a level of trust and recognition. These coins became widely circulated and were accepted at face value even after the U.S. Mint began producing coins in California.
Economic Impact
By providing a reliable medium of exchange, Wass, Molitor helped stabilize the local economy during a time when the influx of gold could have led to chaos in currency valuation. Their operation was a testament to the entrepreneurial spirit of the Gold Rush, where private entities stepped in to offer services that were not yet adequately provided by government institutions.
Historical Legacy
The firm's coins are now collector's items, reflecting not just their historical significance but also their role in the economic history of California. The practice of private minting during this era underscores the wild, pioneering nature of the Gold Rush, where innovation and quick responses to market needs were crucial.
In summary, Wass, Molitor & Co. was significant during the California Gold Rush for providing essential financial services through assaying and coin minting, thereby contributing to economic stability and trust in local gold transactions at a time when official infrastructure was lacking. Their operations reflect the broader themes of opportunity, innovation, and the challenges of rapid economic growth during this historical period.
| PCGS # | 10348 |
|---|---|
| Grading Service | PCGS |
| Year of Issue | 1852 |
| Grade | VF20 |
| Denom Type | California Gold |
| Numeric Denomination | $10 |
| Mint Location | Private Issue |
| Designation | NONE |
| Circ/UnCirc | Circulated |
| Strike Type | Business |
| Holder Variety | Wass Molitor, Large Head |
| Grade Add On | CAC |
| Holder Type | N/A |
